Executive Compensation
Are you being paid enough? Are your benefits all they should be? Winters & King, Inc. has conducted Compensation Evaluation Studies which indicate many pastors and other key employees are underpaid. Our firm understands the unique challenges posed in setting compensation for church and nonprofit staff and have provided a solution.
Equipping organizations with compensation evaluation studies
The personalized Compensation Evaluation Studies provided by Winters and King, Inc. give the information needed to determine competitive compensation packages for pastors and other key employees while also helping protect your organization from IRS penalties. Our firm has assisted hundreds of pastors and other key employees with Compensation Evaluation Studies. We can help your organization establish a reasonable ceiling for compensation packages based on our access to unique confidential comparable data which is not available to the public or other service providers. We will also provide the following advice:
- How to select a compensation committee comprised of unrelated and non-disqualified parties;
- How to set competitive compensation ranges for pastors and other key employees based on our recommendation;
- How to use comparable data based on national, public and private salary surveys;
- How to comply with IRS and governmental regulations pertaining to reasonable compensation; and
- How to properly document compensation arrangements.
Compensation Evaluation Studies provided by Winters & King, Inc. have proven a valuable tool for clients undergoing IRS audits and inquiries by the Senate Finance Committee. Many organizations are unaware that failing to follow IRS guidelines can result in severe tax penalties against both the recipient of the compensation and the body that approved the compensation. Our firm’s compensation studies eliminate the possibility of the IRS assessing penalties against members of your board or compensation committee while also providing protection for the executive.
Defer Income Tax
In addition, Winters & King, Inc. can advise you regarding retirement planning through the use of 403(b) plans and setting up Rabbi Trusts. Many retirement plans Rabbi Trusts allow an executive to set aside large amounts of compensation without paying income taxes on that income at the time it is earned. This is a valuable tool to defer income tax on income above the annual limits placed on other retirement plans. Whether you are planning ahead or need to catch up in your later working years we can advise you on the options available to you.
Call us today to ensure you are being fairly compensated
Addressing compensation issues for your organization can be a simple process with our firm’s guidance. Winters & King, Inc. is passionate about helping churches and nonprofit organization’s establish reasonable and competitive compensation packages. To receive your personalized Compensation Evaluation Study, call 918.494.6868 or contact us online to schedule a consultation.